Exhibit 99.2
United Bancshares, Inc.
Quarterly Report
June 30, 2009
Dear Shareholders, Customers and Employees,
As you are all aware, the banking industry is facing challenging economic times. Despite the difficult environment, your company is pleased to report net income of $2,767,000 ($.80 per share) for the first six months of 2009 compared to $2,694,000 ($.78 per share) for the same period in 2008, a 2.71% increase. As a result, the Corporation reported return on shareholders’ equity of 10.58% for the six month period ending June 30, 2009.
Management is also pleased to report improvements in the net interest margin (3.72%) and the efficiency ratio (56.17%) for the first half of 2009 when compared to the same period in 2008.
Management will continue to work diligently to minimize the impact of this challenging environment and at the same time enhance shareholder value. As always, we appreciate the support that we receive from our shareholders, our valued customers and our many dedicated employees.
Respectfully,
Daniel W. Schutt
President & CEO
United Bancshares, Inc.
and Subsidiary
| | | |
Financial Information (unaudited) | Six months ended June 30, 2009 | | Six months ended June 30, 2008 |
(dollars in thousands, except share data) | | | |
CONDENSED STATEMENT OF INCOME | | | |
Interest income | $ 16,742 | | $17,558 |
Interest expense | 6,561 | | 8,112 |
Net interest income | 10,181 | | 9,446 |
Provision for loan losses | 1,775 | | 645 |
Net interest income after provision for loan losses | 8,406 | | 8,801 |
Non-interest income | 2,570 | | 1,864 |
Non-interest expenses | 7,448 | | 7,183 |
Income before income taxes | 3,528 | | 3,482 |
Provision for income taxes | 761 | | 788 |
Net income | $2,767 | | $ 2,694 |
| | | | |
Average common shares outstanding | 3,442,600 | | 3,453,609 |
| | | | |
PER COMMON SHARE | | | |
Net income | $0.80 | | $0.78 |
Cash dividends | $0.30 | | $0.30 |
Book value | $15.52 | | $14.43 |
Closing price | $11.69 | | $12.25 |
| | | | |
FINANCIAL RATIOS | | | |
Return on average assets | 0.90% | | 0.93% |
Return on average equity | 10.58% | | 10.87% |
Net interest margin | 3.72% | | 3.66% |
Efficiency ratio | 56.17% | | 60.91% |
Loans to deposits | 91.81% | | 91.07% |
Allowance for loan losses to loans | 0.90% | | 0.60% |
Cash dividends to net income | 37.33% | | 38.31% |
| | | | |
PERIOD END BALANCES | | | |
| | As of June 30, 2009 | | As of December 31, 2008 |
Assets | $608,877 | | $616,064 |
Loans (including available-for-sale) | $421,816 | | $418,385 |
Deposits | $459,467 | | $464,792 |
Shareholders' equity | $53,419 | | $50,660 |
| | | | |
Common shares outstanding | 3,442,779 | | 3,441,663 |
DIRECTORS/OFFICERS
UNITED BANCSHARES, INC.
Robert L. Benroth
David P. Roach
H. Edward Rigel
R. Steven Unverferth
James N. Reynolds - Chairman
Robert L. Dillhoff - Vice-Chairman
Daniel W. Schutt - President/CEO
Brian D. Young - CFO/Executive V.P./Treasurer
Heather M. Oatman - Secretary
DIRECTORS
THE UNION BANK CO.
Robert L. Benroth
James N. Reynolds
Robert L. Dillhoff
H. Edward Rigel
Herbert H. Huffman
David P. Roach
Kevin L. Lammon
Robert M. Schulte, Sr.
William R. Perry
R. Steven Unverferth
Daniel W. Schutt - President/CEO/Chairman
Brian D. Young - CFO/Executive V.P.
INVESTOR MATERIALS:
United Bancshares, Inc. has traded its common stock on the NASDAQ Markets Exchange under the symbol “UBOH” since March 2001. Annual and quarterly shareholder reports, regulatory filings, press releases, and articles about United Bancshares, Inc. are available in the Shareholder Information section of our website www.theubank.com or by calling 1-800-837-8111.
Locations
1300 N. Main St.
Bowling Green, OH 43402
419-353-6088
100 S. High St.
Columbus Grove, OH 45830
419-659-2141
101 Progressive Dr.
Columbus Grove, Ohio 45830
419-659-4250
114 E. 3rd St.
Delphos, OH 45833
419-692-2010
230 W. Madison St.
Gibsonburg, OH 43431
419-637-2124
110 E. North St.
Kalida, OH 45853
419-532-3366
318 S. Belmore St.
Leipsic, OH 45856
419-943-2171
1410 Bellefontaine Ave.
Lima, OH 45804
419-229-6500
3211 Elida Rd.
Lima, OH 45805
419-331-3211
701 Shawnee Rd.
Lima, OH 45805
419-228-2114
245 W. Main St.
Ottawa, OH 45875
419-523-2265
132 E. Front St.
Pemberville, OH 43450
419-287-3211
